Introduction:

The State Bank of India (SBI) offers business loans up to Rs 10 lakh with a 5-year repayment term under the PM MUDRA Yojana scheme, aimed at fostering micro-unit enterprises. Sectors like manufacturing, trading, service, and agriculture can utilize these loans to expand their operations. Additionally, SBI provides instant loans up to Rs 50,000 via the SBI e-Mudra Loans platform.

SBI e-Mudra Loan: Seamless Financing Solution

The SBI e-Mudra Loan offers up to Rs 1 lakh with a 5-year tenure, collateral-free, catering to entrepreneurs, both salaried and self-employed. Applicants need to fill out a form with details such as occupation, loan amount, turnover, and more. Post submission, a bank representative will contact the applicant for verification.

Advancing Financial Growth with SBI

SBI supports entrepreneurs by providing business loans at competitive rates in partnership with leading banks and NBFCs, ensuring a variety of financing alternatives.

Key Highlights of SBI PM MUDRA Yojana

The interest rates are linked to the MCLR. Options include term loans and working capital facilities, with amounts up to Rs 10 lakh and tenures between 3 to 5 years. Processing fees may reach up to 0.50% of the loan amount. This information is accurate as of 1 February 2024.

Interest Rates and Loan Categories

Interest rates are tied to MCLR. Loan amounts under the scheme are categorized into:

1. Shishu: Up to Rs 50,000
2. Kishor: Rs 50,000 to Rs 5 lakh
3. Tarun: Rs 5 lakh to Rs 10 lakh

SBI e-Mudra Loan: Flexible Financing

SBI e-Mudra Loans offer up to Rs 1 lakh with a 5-year repayment plan, with instant approval available for up to Rs 50,000 pending eligibility. Loans above Rs 50,000 require branch visits for formalities.

Fee Structure Transparency for SBI PM MUDRA Yojana

No processing fees for MSE units under Shishu and Kishore categories, while the Tarun category incurs a 0.50% processing fee per annum on the loan amount.

Eligibility and Documentation

Eligible businesses must be involved in manufacturing, trading, service, or related agricultural practices. The loan's tenure and amount affect margin requirements, ranging from 0% to 10%. Minimal collateral is needed due to CGFMU backing, though primary securities are mandatory.

Micro-entrepreneurs can apply for the SBI e-Mudra Loan with a minimum 6-month SBI account tenure. Documentation requirements vary and should be verified at an SBI branch.

Apply for SBI Mudra Loan Now!

SBI aids micro-business enterprises in reaching financial objectives with diverse loan options, clear fee structures, and flexible repayment plans. Whether expanding or modernizing, SBI Mudra Loan is here to support your business ambitions.